Requirement 7. Prepare the budgeted income statement for April. Review the sales budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the inventory, purchases, and cost of goods sold budget you prepared above. Professional Printing Supply Budgeted Income Statement For the Month Ended April 30, 2024 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses: Miscellaneous Expense Depreciation Expense Salaries Expense Total Selling and Administrative Expenses Net income (loss) Choose from any list or enter any number in the input fields and then click Check. 2 parts remaining i More Info 1 W a. April dividends of $6,500 were declared and paid. b. April capital expenditures of $16,500 budgeted for cash purchase of equipment. C. April depreciation expense, $400, d. Cost of goods sold, 40% of sales. e. Desired ending inventory for April is $22,800. f. April selling and administrative expenses include salaries of S39,000, 20% of which will be paid in cash and the remainder paid next month. g. Additional April selling and administrative expenses also include miscellaneous expenses of 5% of sales, all paid in April. h. April budgeted sales, $87,000, 50% collected in April and 50% in May. April cash payments of March 31 liabilities incurred for March purchases of inventory $7.900 1. April purchases of inventory, $8,200 for cash and $37,000 on account Half the credit purchases will be paid in April and half in May. 1. i Requirements - x W 1. Prepare the sales budget for April. 2. Prepare the inventory, purchases, and cost of goods sold budget for April. 3. Prepare the selling and administrative expense budget for April. 4. Prepare the schedule of cash receipts from customers for April. 5. Prepare the schedule of cash payments for selling and administrative expenses for April 6. Prepare the cash budget for April. Assume the company does not use short-term financing to maintain a minimum cash balance 7. Prepare the budgeted income statement for April. 8. Prepare the budgeted balance sheet at April 30, 2024. Print Done i Data Table X Cash $ Accounts Receivable 50,500 12,400 12,400 $ 75,300 Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation 80.900 (12,000) 68,900 $ 144,200 Total Assets Liabilities Current Liabilities: Accounts Payable $ 7.900 Stockholders' Equity Common Stock, no par $ 25.000 111,300 Retained Earnings 136,300 Total Stockholders' Equity $ 144,200 Total Liabilities and Stockholders' Equity